Canadian May existing home sales +3.1% vs +2.3% prior

Canadian existing home sales from CREA

• Prior +2.3%
• Nmber of newly listed homes was little changed from April to May
• Full release

"CMHC announced in April that effective June 1 it was hiking mortgage default insurance premiums for homebuyers with less than a 10% down payment, so some buyers may have jumped off the fence and purchased in May to beat the increase," said CREA President Pauline Aunger.